Bitfinex analysts are predicting a two-month period of consolidation for Bitcoin following the recent halving event, according to the latest Bitfinex Alpha market report. The report highlights Bitcoin’s role as a benchmark for crypto price action and suggests that its performance in May could set the tone for the entire crypto market.
During this consolidation phase, Bitcoin’s resilience and the potential for price swings within a $10,000 range are expected. The report also notes the positive effect on Bitcoin’s price post-halving may come later, as well as the current macroeconomic resilience and low probability of rate cuts contributing to a more stable environment.
Industry traders are proposing that Bitcoin’s dominance may have peaked as funds start to move from Bitcoin to altcoins. Ether’s recent market performance, outperforming Bitcoin in gains for two weeks, serves as an indicator of this potential shift. Bitfinex analysts see Ether as a leading indicator for the altcoin market.
Monitoring Bitcoin’s resilience and altcoin performance will provide valuable insights for investors navigating this adjustment period. In other news, Michael Saylor has announced MicroStrategy Orange, a decentralized identity solution on the Bitcoin network.
With a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron, the author of the report, brings a wealth of experience in the FinTech industry. He is a passionate analyst who provides data-driven and fact-based content for both crypto enthusiasts and newcomers to the industry. Aaron is dedicated to making blockchain and Web3 education more accessible and transforming the space as we know it.
